The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-15

afternoon: "rhis wheat clique has
not kept it's engagements and We will
have TO suspend" 1t is feared that q
number OF other houses will 90 to the
wall before night.
1850 p m.-RoseDfsld & Co.'S fall
ure has Just been announced ON the
Board. Wheat declined for June from
92c TO T5c, a decline Of lie per bushel.
Immediately after Secretary Stone
bad announced the suspension of
Rosebfeld 4 Co.. the offices OF this
firm, as we'll as those of other COM
mission bouees who are supposed TO
be acting for the clique, were crow ed
with anxious brokers, all anxious to
know what the stu ltion was and
whether the other Clique houses would
be forced TO su pend also. Mr.. Rose "A.
field could not be seen, and Frank
johnson eaid he could make no state
ment as yet, beyond the fac! that they
had suspended.
"0ur suspension" said Mr.. John
son. " is due simply to the reason that
our Cincinnati clients have failed TO
keep all their verbal and written
promises in regard 10 putting up mar
gins. We were assured by them last
night that the money would be forth
coming this morning, and at intervals
OF ten minutes all this forenoon We
have recsived kilograms from Cincin-
natl announcing that the money for
the margins would be placed to our
credit here. Up TO noon, however,
nothing had beea received from them,
and to prevent more serious losses Nc
took the steps we did"
Tho greatest excitement prevails
among The Board of Trade houses, hut
up to 2 o'clock pm, no further fall
urea bad been announced.
An evening paper says the l6,000,-
600 bushels OF grain collec ed here aud
held by mysterious combination will
now be sold out "under the hammer"
The losses of Rosenfeld 4 Co. ON
tho decline are estimated at $500, COO.
THE COMMERCIAL ACCOUNT.
CHICAGO, June 1.-THE calm OF
yesterday on the Chicago Board Of
Trade was followed by whirl of ex-
excitement this morning. Traders
had jdst nicely caught their breath
and steadied their nerves when the
second cyclone came. 1t was the
wheat pit scare OF Saturday enlarged
and intensified. The liberal taking OF
July wheat yesterday by the clique
made that failure steady at or
about "a cents per bushel. Out
side traders talked themselves into the
belief that the com binstion permitted
tho sharp decline on Saturday for q
purpose, and that they were about to
buy up July wheat a. they have al
ready done Msy and Juhe, many bs-
came tailere, the ecslpers became ac-
tive, and IL 10 oked rs II the worst were
past and the lowest point for July bad
been Ie,ched when the three cent
drop Of Saturday occurred. But the
outside forces were at work for the
bears. The thousand OF cars standing
on side tracks, elevators, all filed to
tremendous receipts re-
ported, .and everything pointed to more
moIe-in the near
future. Such were the conditions
when the traders went on Change
this morning. For the frat offerings
Of July wheat there were no takers,
II was offered under the supposed
lnarket-sill no takers. This fears
that took hold upon the bulls at the
close OF last week again made them
quake. The uprosr grew intense in
the wild effort to sell wheat. July
dropped from 8S2c to sc while men
were thinking what to do. Everyone
wanted TO unload, but no one wanted
wheat. In less time than 1t takes to
tell the story, July wkeat was offered
At 80ac. or 80 lesH than the closing
price yesterday. 1t was short storm,
hut terrible in It's facts on the crowd
Traders crawled out OF the pit drip
ping with preparation and weak from
excitement. There WAS talk oil failures,
but none were announced to add to
The icverish condition OF things, Then
Tor an hour there was q slight rally,
and the leading future, July, sold up
10 8lac. THIS was but q lull in the
storm. AT IL o'clock the indicator for
July showed that it was again selling
down, and in fifteen minutes it was
offered at 7s,, 40 below the
opening an hour before. Then came
the third tumble at the noon hour,
and July wheat sold down TO 76ic, or
Ito below the opening price. The
entire board was little less than
pandemonium, and the hears declared
1t a Just retribution on the bullish
wheat manipulatoTe. RumoIs reached
here that there was run on the back
In Cincinnati, where the h ssdquarters
OF the longs are supposed to be stu
ated. Margins were freely called and
heavy deposits demanded. The Chi
csRo banks, II was said, refused to adj
vance any more money on wheat, and
late in the session is was stated that
the checks Of some Of the parties in
terssted on the long side had been re-
fused. At 1880 came the startling
announcement that all persons having
having rades with Rosenfeld d 90,
one Of the clique houses, should close
them ut once. The uproAr had moi
eubsidCd when July wheat took the
four h aud worst turn Of the day and
dropped for moment to 74c, and
closed the morning session at 74tc.
Trouble WAS expected on margiDs at
Kershsw's, and the crowd was ready
for anything short OF an earthquake.
Throngi II people rushed in
from the streets, and the gallery was
filed with an excited throng Of men
and wemen. 1t was q morning session
to he remembered rs lohg as wheat
grows. The intermission at O'Clock
gavs members a chance 10 catch their
breath, and when the afternoon
session was called, the excitement had
somewhat sbsted. At 2:20 O'Clock It
was Officially announced that Il. w.
Bailey & Co +. and Hamill 4 Brine re-
Quested all parties having trades with
them to close them at once. The in
slant this announcement was made
July wheat dropped to 7Slc, but soon
recovered and went back to FAC,
Five minutes later Secretary Stone
raped the tumultuous crowd to order
aud read the following from the lead
ing clique house of o. ]. Kershaw
& o.:
1--WE have assurances that margins
and ample funds will be Forthcoming
by tomorrow mornin0. and wa re- ouael